Cisco
CompTIA
ISC
EC-Council
EXIN
Fortinet
ITIL
Juniper
Microsoft
VMware
Avaya
SAP
Google
NVIDIA
Salesforce
Amazon
Palo Alto Networks
ISC2
Splunk
ServiceNow
All Vendors
  2. Home
  3. Exams
  4. IFSE Institute
  5. LLQP

IFSE Institute LLQP Exam Questions
Life License Qualification Program (LLQP) (Page 8 )

Updated On: 27-Feb-2026
Page 8 of 61
PDF with 298 Questions

Manitoba resident Patrice works for ABC Inc. where he is covered by group life insurance. He consults Louise, his insurance agent, because he wants to maintain some life insurance coverage when he retires at age 65.
How much of Patrice's group life insurance can he convert to individual life insurance coverage when he retires?

  1. None, because he must leave the plan.
  2. The amount of his group life insurance coverage by providing proof of insurability.
  3. Up to $200,000 without proof of insurability.
  4. Up to $200,000 with proof of insurability.

Answer(s): C



Jean recently retired at age 60. A passionate art collector for some 30 years, Jean now has an impressive collection of Canadian paintings. His collection, which he acquired at a cost of $150,000, is currently valued at $600,000.
Jean has over $450,000 in his RRSP. He has been living alone in a rental condo since his divorce five years ago.
When he dies, Jean will leave his property to his only child, Claudia, who is 33, married and has two children.

If he does not make any provisions to cover the tax liability, how will Jean's tax return be affected for the year of his death?

  1. A taxable capital gain of $225,000 will be declared for his art collection and the RRSP will be transferred directly to Claudia.
  2. A taxable capital gain of $450,000 will be declared for his art collection and the RRSP will be transferred directly to Claudia.
  3. A taxable capital gain of $225,000 will be declared for his art collection and the entire RRSP will be considered income earned by Jean.
  4. A taxable capital gain of $450,000 will be declared for his art collection and for the cashing in of his RRSP.

Answer(s): C



Lacy is reviewing her life insurance policy with Paul, her financial advisor, because she wants to better understand its cash value and to take advantage of tax sheltering. She purchased a $200,000 Universal Life policy 3 years ago and has minimum funded the policy on an annualbasis. Lacy is used to investing and is familiar with the investment world. In addition, her universal life policy has the level protection death benefit, and she has no intention of withdrawing the deposit amount, as she wishes to benefit from the tax exemption. Lacy is prepared to deposit a large lump sum of cash into her policy that she received from an uncle that passed away. Before completing the deposit, what should Paul inform Lacy about?

  1. Face amount.
  2. Taxation.
  3. MTAR.
  4. Investment account.

Answer(s): C



Spouses Larry and Madge both work at the same pay grade for the federal government. Each of their group benefits packages includes family health and dental coverage, disability insurance with a $3,000 a month benefit, and $150,000 of life insurance with spouse as beneficiary. If Larry were to die while still employed, how will his group benefits be treated?

  1. The health and dental coverage and disability insurance would stop and Madge can claim $150,000 from Larry's life insurance.
  2. The health and dental coverage would stop, the disability insurance would roll over to Madge, and Madge can claim $150,000 from Larry's life insurance.
  3. The health and dental coverage and disability insurance would roll over to Madge and Madge can claim $150,000 from Larry's life insurance.
  4. The health and dental coverage, disability insurance, and Larry's life insurance would all roll over to Madge.

Answer(s): A



Jeremy, aged 35 and Emily, aged 40, are common law spouses and have 3 children, Jack, Maddie, and Grace. They are reviewing their life insurance coverage with Mark, a local life insurance agent, to ensure they have adequate coverage. Currently, Jeremy and Emily both have term life insurance in the amount of $200,000. Jeremy recently inherited a family cottage valued at $400,000 (ACB of $200,000), which him and Emily hope to pass on to their children one day. Mark informs Jeremy & Emily of the potential tax liability of passing the cottage to their children and advises them that they should consider purchasing additional life insurance.
How much life insurance should they purchase to cover the future tax liability of the children taking into account a tax rate of 50%?

  1. $400,000
  2. $200,000
  3. $100,000
  4. $50,000

Answer(s): C






Post your Comments and Discuss IFSE Institute LLQP exam dumps with other Community members:

Join the LLQP Discussion